|Consider the following factors when choosing an integrated Seed-to-Sale Cannabis ERP system
Are you seeking to streamline accounting functionality, task management, and internal supply chain operations while meeting Cannabis business compliance? Then you stand to benefit by implementing a true Seed-to-Sale Cannabis ERP system. A Seed-to-Sale enterprise resource planning system, ERP for short, centralizes all processes related to the cultivation, processing and dispensing of Cannabis .
A totally integrated Seed-to-Sale ERP solution for a Cannabis business automates all tasks, improves information exchange between departments and provides complete visibility into the entire process. The benefits of implementing a full Seed-to-Sale Cannabis ERP system notwithstanding, choosing one that fits organizational needs can be challenging. But don’t fret. Read on to learn about the things you should consider when choosing a totally integrated Seed-to-Sale Cannabis ERP system.
Choosing an integrated Seed-to-Sale Cannabis ERP solution for your company is very similar to choosing an ERP solution for any business, however with some nuances. If you neglect to take those nuances into consideration you might miss out on the benefits of a true Seed-to-Sale ERP solution built specifically for the Cannabis industry.
The 6 Things to Consider Before Purchasing a Cannabis ERP System
1. Business Requirements
The very first step in choosing a Seed-to-Sale ERP solution for your Cannabis business should always start with a requirements study or needs analysis. It is imperative that a fair amount of time is devoted to this 1st step, and it should not be treated lightly. The findings of this process will form the basis for an educated software selection and could save a company a lot of time, money, and aggravation by choosing a solution that is not meeting all the true needs of a company. In some cases, the ERP vendor will offer this service as a billable engagement at the outset of a project. Whether you source this step out to a vendor or a consultant, or choose to take it on internally, the deliverable should be a formal document that can be shared with all the vendors you are considering.
Some questions to be addressed as part of your needs analysis should be what are your Cannabis firm’s information technology needs and what are your Cannabis firm’s business process needs? When searching for the right Seed-to-Sale Cannabis ERP system, list all your company’s business processes and be sure to consult with your workforce to ensure your chosen ERP meets all their needs and that they have buy in to the project. Take time to pinpoint any production inefficiencies currently plaguing your systems. The critical systems you should explore for bottlenecks include finance & accounting, cultivation monitoring, inventory tracking, and automated compliance & control. A comprehensive business requirement list will help you prioritize your technology and business process needs and discuss them with your ERP vendor. When establishing these business requirements, ensure you keep your employees involved in the decision-making process.
2. ERP Integrations
Any ERP solution, but especially one designed for the Cannabis industry must be able to support and be integrated to several ancillary applications that are key to operating a Cannabis business. As robust as ERP systems are, they will never be all things to all people. In a typical ERP deployment, a business may need to add applications to address Taxation, Shipping, EDI, Document Management, BI, and Payroll, just to mention a few. Typically, these applications require regular maintenance and updates to data that sits outside the four walls of the business as is the case in Payroll applications, Shipping applications or Taxation applications. Some of the more robust ERP applications in the market today are starting to incorporate applications like Payroll, Document Management and Workflow and Shipping into their base application, however, still require integration to those outside data sources.
In the case of Seed-to-Sale Cannabis ERP systems, integrations will be an important conversation to have with your solutions partner and will be tantamount to complete solution. If you are operating a Cannabis business some additional industry specific integrations that will be required are Compliance and Regulatory tracking solutions like Metrc, BioTrack, and Health Canada. In addition, wholesale aggregation applications such as LeafLink, Shopify and others will open additional markets for a Cannabis company. It is important to ensure both your software and your partner can support your specific integration requirements.
3. Automation through Mobil Capability
Part of any Seed-to-Sale ERP solution should provide business agility and mobility to access and analyze data in real-time across multiple systems from any device. A robust ERP system should give all users access to information from anywhere, anytime with native mobile apps for iOS and Android. Mobil capability will also give users the ability to engage using a web browser on any device for applications like CRM, sales orders, timecards, and much more. Staying connected in real time and having access to the latest information is an important function of a true Seed-to-Sale ERP solution and allow the user to leverage unique capabilities, such as camera or fingerprint readers. In addition, a fully functional mobile application will minimize data entry and enable automated synchronization.
4. COGS Tracking Ability
A critical metric in the Cannabis business as it is with many industries is the ability to track Cost of Goods Sold (COGS) providing insight into a Cannabis business’s health. Be sure to confirm with your ERP system provider whether their software can unify information from all aspects of your Cannabis operation and track the COGS. Gathering and consolidating information from your Bill of Materials (BOMs) will determine your gross profit and inform your decision-making. In a Cannabis cultivation and processing environment data from the extraction and blending processes, including material consumption, finished product weight, labor and processing time should be recorded and captured automatically. It is also imperative that a Cannabis Seed-to-Sale ERP solution track lab results, strains, extraction, and blending.
5. Analytics and Reporting
Does the ERP system offer helpful analytics and reporting? ERP solutions not tailored specifically for Cannabis operations might deny you the requisite intelligence for business success. Remember that financial reporting, inventory control, and regulatory compliance are vital to a Cannabis business success. Choose a Cannabis-specific ERP solution with essential analytics and reporting features to avoid unnecessary losses and penalties. A full function Seed-to-Sale ERP solution for your Cannabis business should give a business owner or manager the ability to monitor key metrics and use data analytics to measure performance at every level. A robust solution will go beyond spreadsheets and use integrated business intelligence (BI) to understand what the financial, production and customer data is really telling you, so you can make informed, actionable decisions.
Is the ERP system audit-ready? When you are in one of the most regulated and monitored industries in the world, compliance can be complicated, risky, and timeconsuming. It gets particularly difficult when you are operating in or buying/selling from multiple states, provinces and/or countries. When looking at Cannabis management systems, compliance tracking, reporting, and integrations will vary widely between vendors. A quality Seed-to-Sale ERP solution built specifically for the Cannabis industry will prioritizes automating the compliance and regulation requirements and reporting.
Keeping in mind these important steps, be sure to choose a completely integrated Seed-to-Sale ERP solution built specifically for the Cannabis industry enabling you to thrive in the Cannabis industry.
Wouldn’t you like to enjoy the benefits of using a Cannabis specific ERP system designed, developed and supported by subject matter experts? Don’t look any further. At MaxQ Technologies, we have done the heavy lifting for you. We have designed an industry-leading Seed-to-Sale ERP system tailored to streamline Cannabis business operations. Its user-friendly interface and cloud-based technology makes running your Cannabis business operations an attainable reality.
Do you want to learn how to exploit our Cannabis ERP system? Do you want to grow your Cannabis enterprise without breaking the bank? Schedule a call or request a free demo today. We have comprehensive solutions to streamline your business operations and generate more revenue. Contact or connect with us on Facebook, YouTube, LinkedIn, or Twitter. Our agile team is on standby.